Casio Algebra FX2.0 Software Manual page 13

5. Amortization
This calculator can be used to calculate the principal and interest portion of a monthly installment,
the remaining principal, and amount of principal and interest repaid up to any point.
u u u u u Formula
Amount of single payment
a : interest portion of installment PM1 (
b
: principal portion of installment PM1 (
c
: balance of principal after installment PM2 (
d
: total principal from installment PM1 to payment of installment PM2 (
e
: total interest from installment PM1 to payment of installment PM2 (
a b
* + = one repayment (
a : INT
b : PRN
c : BAL
d :
e :
BAL PV INT
= (
0 1
u u u u u Converting between the nominal interest rate and effective interest rate
The nominal interest rate (
for installment loans where the number of installments per year is different from the number of
compound interest calculation periods.
I%' =
e
d
1 2
m
INT
PRN
PMT
)
= I BAL
PM1 PM1–1
= PMT + BAL
PM1
= BAL + PRN
PM2 PM2–1
PM2
PRN = PRN + PRN
PM1
PM1
PM2
INT = INT + INT
PM1
PM1
PRN PMT
= 0 and = at beginning of installment term)
1
I % value input by user) is converted to an effective interest rate (
{
I%
(1+
100 C / Y ]
13
a
b
n
(Number of payments)
)
)
BAL
)
i I (PMT sign)
i
PM1–1
PM2
+ ... + PRN
PM1+1 PM2
+ ... + INT
PM1+1 PM2
}
C / Y ]
P / Y ]
) –1 100
c
PRN
)
INT
)
I %')